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Prepare journal entries for both the buyer and the seller

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Problem - Simmons Company purchased merchandise from Crystal Inc. with an invoice price of $168,000 and credit terms of 2/15, n/30. The merchandise had cost Crystal, Inc. an amount of $140,000. Simmons Company paid within the discount period. Assume that both the buyer and seller use the perpetual inventory system. Prepare journal entries for BOTH the buyer and the seller for the purchase/sale and for the cash payment/collection.

Reference no: EM132915695

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